ALFA REPORTS CLAIMS FROM FEBRUARY STORM LOSSES
The Alfa Insurance Group and Alfa Corporation (Nasdaq/NM:ALFA) today announced a preliminary estimate of claims from a line of storms that passed through Mississippi and Alabama on Friday, Feb. 16, 2001. Claims from this storm system are estimated to be approximately $18 million to $20 million for the Alfa Group. The impact of these claims, after reinsurance and taxes, on Alfa Corporation's first quarter earnings should be approximately $0.12 per diluted share.
Commenting on the announcement, Alfa's Chairman, President and Chief Executive Officer, Jerry A. Newby, said, "I have toured the affected areas and visited with some of our policyholders. This is an extremely unfortunate event. I am thankful we can be of some support during this difficult period. Our claims adjusters have been out in the field and, as always, their goal is to contact the policyholders as soon as possible."
Alfa Corporation is engaged in insurance and financial activities through its subsidiaries. The common stock of Alfa Corporation is traded on Nasdaq Stock Market's National Market under the symbol ALFA.